5 Best AI Chip Stocks to Buy for the Long Term

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1. Amazon.com, Inc. (NASDAQ:AMZN)

Market Capitalization:$2.52 trillion

Number of Hedge Fund Holders: 353

Amazon.com, Inc. (NASDAQ:AMZN) is one of the 10 Best AI Chip Stocks to Buy for the Long Term. Amazon’s share price increased by 10.03% over the past year and by 3.36% year-to-date. Out of 73 analyst ratings compiled by CNN, 97% have assigned a Buy rating on the stock, while 3% marked it Hold. The stock currently has a median price target of $319.50, a 36.47% upside from the current price of $234.11.

On June 22, TheFly reported that ArcelorMittal (MT) announced that it has entered into a strategic collaboration with Amazon Web Services (AMZN) aimed at accelerating industrial automation across its global operations through advanced cloud, artificial intelligence, and edge technologies.

Under the collaboration, AWS will bring its cloud and AI capabilities directly to ArcelorMittal’s manufacturing processes. For its part, ArcelorMittal will converge some of its operational technology and information technology on AWS infrastructure.

Earlier, on June 18, Investing.com reported that BofA Securities maintained a Buy rating on Amazon with a price target of $310.00, citing the shift of Prime Day to June this year compared to July last year.

The analyst forecasts first-party Prime Day gross merchandise value to grow 4.5% year-over-year to $11.6 billion, while third-party GMV is estimated to grow 5.0% to $10 billion. BofA is projecting its total Prime Day GMV to increase approximately 5% to $21.6 billion.

Amazon.com, Inc. (NASDAQ:AMZN) is a global technology company operating through multiple interconnected business units. While well-known as an online retailer, it is also a major player in cloud computing, digital streaming, and artificial intelligence.

While we acknowledge the potential of AMZN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AMZN and that has 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 10 Best AI Stocks to Buy in June and 8 Best Generative AI Stocks to Buy in June.

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